Results 43,441-43,460 of 46,456 for speaker:Simon Harris

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: The secretary must be in addition to the directors.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: No, I am sorry, I have accidentally misled the Deputy. One of the directors may be the secretary. Therefore, only two are required.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Yes, and they can be members or officers of the ICAV.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: The shareholders in the ICAV.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Yes, it is the members or the officers.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: It is. However, in the context of the strike off, there are one or two obvious differences, where an ICAV differs from a company. Therefore, we cannot strike off a company straight off. We cannot strike off the ICAV without ending the authorisation, as we discussed earlier. An ICAV does not have to file an annual statement. In general, the policy intent is the same as it was on Second Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 61: In page 75, between lines 20 and 21, to insert the following:“Restoration on application to Bank 137.(1) On an application by a person specified in subsection (3), the Bank may restore an ICAV to the register of ICAVs if —(a) the Bank has reasonable cause to believe that the strike off of the ICAV has disadvantaged the applicant, (b) the application is...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 62: In page 75, between lines 20 and 21, to insert the following:“Restoration on application to High Court 138.(1) On an application in accordance with section 139by a person specified in subsection (2), the High Court may order that an ICAV that has been struck off the register of ICAVs be restored to the register of ICAVs if —(a) the striking off of the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 63: In page 75, between lines 20 and 21, to insert the following:“Requirements for application to High Court under section 138 139.(1) An application under section 138shall be made on notice to the Bank, and the Revenue Commissioners.(2) In the case of an application under section 138by a creditor, the application shall in addition be made on notice to —(a)...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 64: In page 75, between lines 20 and 21, to insert the following:“Terms of High Court order on application under section 139 140.(1) In making an order under section 138on the application of a member or an officer of the ICAV, the High Court shall, unless reason to the contrary is shown to the satisfaction of the High Court, make it a term of the order that the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 65: In page 75, between lines 20 and 21, to insert the following:“High Court order for restoration on application of Bank 141.(1) On an application by the Bank in accordance with subsection (2), the High Court may order that an ICAV that has been struck off the register of ICAVs be restored to the register of ICAVs if —(a) the application is made within the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 66: In page 75, between lines 20 and 21, to insert the following:“Supplementary High Court orders 142.In ordering that an ICAV be restored to the register of ICAVs under section 138or 141, the High Court may do any of the following:(a) except to the extent that the High Court makes an order under paragraph (c), give such directions as it thinks fit for placing the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: As I outlined earlier, I intend to introduce amendments to this section on Report Stage to set out the merger provisions in a similar way to as I have done in regard to other issues. I expect to come back on this section on Report Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 67: In page 76, between lines 32 and 33, to insert the following:“Fees 130.Fees shall be payable in accordance with section 32E of the in respect of the performance by the Bank of its functions under this Act.”.This is a technical amendment to take account of the existing requirement in section 32E of the Central Bank Act 1942, that the bank can only...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I wish to alert the committee to the fact that I may bring amendments to this section on Report Stage to ensure the section's operability in terms of who is responsible for elements of enforcement, the Central Bank and the Office of the Director of Corporate Enforcement. Therefore, I expect we may return to this.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Again, I need to clarify technical matters relating to the powers of the ODCE and the cross application of those powers into the legislation, so may return to this on Report Stage.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: Again, I need to flag for the members that this section may be subject to an amendment on Report Stage. I need to decide the designation of responsibilities as outlined earlier.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 68: In page 79, to delete lines 4 to 14 and substitute the following:“ Statement of Net Assets 1 Statement of Net Assets AssetsFair Value Investments in securities (cost)X Financial derivativesX CashX Deposits with brokersX ReceivablesX __________________ Total AssetsX _________ ".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 69: In page 79, to delete lines 15 to 27 and substitute the following: “ Liabilities Securities sold (proceeds)X Financial derivativesX Due to brokerX PayablesX __________________ Total LiabilitiesX _________ Net Assets or Liabilities_________ Equivalent to € per share based on Y shares outstandingX _________ The accompanying notes are an integral...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Irish Collective Asset-Management Vehicles Bill 2014: Committee Stage (11 Nov 2014)

Simon Harris: I move amendment No. 70: 70.In page 80, to delete lines 1 to 6 and substitute the following: Realised and unrealised gains/losses from investments and foreign currencyX Realised and unrealised gains/losses from financial derivativesX The accompanying notes are an integral part of these annual accounts. ".